Rosneft Buys 30% Share in Zohr Gas Field for $1.13 Billion

By FeaturesDow Jones Newswires

Rosneft Oil Co. (ROSN.MZ) said Monday that it has bought a 30% share in the Zohr gas field in the Mediterranean Sea from Italian company Eni S.p.A. (E) for $1.13 billion.

The oil company, which is majority owned by the Russian Government, said it has also refunded its share in past project costs to Eni, but didn't say how much this was.

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Rosneft said the deal will enable it to share significant experience in offshore field development, using existing competencies in offshore production.

The Zohr gas field was discovered by Eni at the shelf of Egypt in 2015.

The 231-square kilometer field has reserves of more than 850 billion cubic meters.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

October 09, 2017 03:52 ET (07:52 GMT)